In a relief for the founder and chairman of the Sahara group, Subrata Roy, SEBI court in Mumbai on Friday afternoon quashed the non-bailable warrant issued against him

In a relief for the founder and chairman of the Sahara group, Subrata Roy, SEBI court in Mumbai on Friday afternoon quashed the non-bailable warrant issued against him, as reported by the news agency ANI. The decision was taken on grounds that Roy will appear in all the hearings now. Sahara group appeared before the special court today and submitted an undertaking which states that Roy will attend all the hearings from now on. The next hearing in this matter will take place on 18th May when the argument on framing of charges will begin.

A few days back, Subrata Roy suffered a major setback when the Supreme Court ordered an auction of its prime property Aamby Valley. The decision was taken over the business conglomerate’s alleged failure to deposit money for refunding to its investors. The Aamby Valley in Pune is reportedly worth about Rs 40,000 crore and the Supreme Court ordered its auction to recover Rs 14,779 crore Sahara allegedly owes to market regulator SEBI. SC appointed the Bombay High Court as the official liquidator for selling the property.

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After this, a large number of corporates including Tatas, Godrej, Adani and Patanjali showed interest in various Sahara properties. Godrej Properties’ Executive Chairman Pirojsha Godrej was quoted by the news agency PTI as saying, “We are looking at part of one of the Pune land parcels for which Knight Frank is running the bidding process. It is still at a preliminary stage.” The agency also said Omaxe’s CMD Rohtas Goel also confirmed that his company was interested in some properties. “As a prudent business organisation, we always keep exploring growth opportunities,” he said.

One international real estate company, M.G. Capital holdings, had told the apex court three-judge bench, headed by Justice Dipak Misra, to purchase the London-based New York Plaza hotel, as the company wanted to purchase Sahara stake in that hotel. Roy had been sent to the Tihar Jail on March 4, 2014, for not complying with the apex court’s orders in connection with a long dispute with the market regulator SEBI.